Fortnox
Fortnox - ESG profile (ABG Sundal Collier)
2019-10-01 15:20
Better administration and reporting for SMEs
Through its comprehensive cloud-based platform, Fortnox facilitates SMEs administration and financing activities. Because all of Fortnox’s products are software, its environmental footprint is small. This stands in stark contrast with the methods its solutions are replacing, i.e. bookkeeping by pen and paper. Furthermore, its solutions help SMEs meet the latest regulatory demands while ensuring that data is safely stored in the cloud. Key risks relate to privacy, data security, product reliability, safety, and anti-competitive practices. The latter is mainly a function of Fortnox’s market-leading position: we estimate that it holds ~60% of the market.
Thin on ESG data
Fortnox does not disclose any quantifiable ESG data, nor any targets. However, the company has successfully managed to establish gender equality throughout the organisation. The share of women within the workforce, management and Board of Directors (BoD) is above 40%. We consider this an adequate level for a relatively small company within the IT industry. For comparison, the share of women on BoDs at Sweden’s largest public companies is 36%. Another key priority for the company is data privacy and security. We note that both customers and regulators are showing an increasing interest in data privacy and security. FNOX is trying to distinguish itself by applying best practice in terms of handling personal data and addressing infringements. Despite the above-mentioned initiatives, we would like to see more ESG targets and KPIs. We think that there is much to gain from being strong on data security and privacy.
Through its comprehensive cloud-based platform, Fortnox facilitates SMEs administration and financing activities. Because all of Fortnox’s products are software, its environmental footprint is small. This stands in stark contrast with the methods its solutions are replacing, i.e. bookkeeping by pen and paper. Furthermore, its solutions help SMEs meet the latest regulatory demands while ensuring that data is safely stored in the cloud. Key risks relate to privacy, data security, product reliability, safety, and anti-competitive practices. The latter is mainly a function of Fortnox’s market-leading position: we estimate that it holds ~60% of the market.
Thin on ESG data
Fortnox does not disclose any quantifiable ESG data, nor any targets. However, the company has successfully managed to establish gender equality throughout the organisation. The share of women within the workforce, management and Board of Directors (BoD) is above 40%. We consider this an adequate level for a relatively small company within the IT industry. For comparison, the share of women on BoDs at Sweden’s largest public companies is 36%. Another key priority for the company is data privacy and security. We note that both customers and regulators are showing an increasing interest in data privacy and security. FNOX is trying to distinguish itself by applying best practice in terms of handling personal data and addressing infringements. Despite the above-mentioned initiatives, we would like to see more ESG targets and KPIs. We think that there is much to gain from being strong on data security and privacy.
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